Cryptocurrencies

Analysis: Is Solana Back to $200?


Solana is recovering very well after the decline of the past week. The coin held strong at a price point that we covered in the previous analysis, and now seems to want to go further up. Let’s take a look at the charts.

Banner Solana 1

A perfect response

We start this analysis with a look at the daily chart. Here, each candle represents 24 hours, giving us a good idea of ​​the recent price action. Solana, like the rest of the crypto market, has had a volatile week.

In the image above we see two large blue zones that have often influenced the price. The coin is currently in the lower zone (from about 116 dollars to 144 dollars) and seems to want to move out of it again. The coin recovered at a point that we indicated in the previous analysis.

There we discussed the upward trend of Solana (here also indicated with blue arcs). The coin is making higher and higher highs and lower lows – the formula of an upward trend. In order not to break this, the coin had to stay above its previous low of 122 dollars.

When Bitcoin started its decline last week, dragging the rest of the crypto market down with it, many coins lost several percent – including Solana. But the good thing is that the coin did not drop past its previous low (and therefore did not fall below the blue zone). In fact, the coin touched this price and then flew further up.

A perfect response

To see this better, let’s also take a look at the 4-hour chart. Here, each candle represents 4 hours, which gives us a more detailed picture of this movement. The candle of SOL did not close below 122 dollars.

This means that the price will still be in an upward trend in the long term. And to continue this positive scenario, the coin will now have to find new highs again. Solana seems to be on the right track with this. Hopefully, the coin can continue this for a while, so that it can move on to its next resistance in the long term: the upper blue zone of 200 dollars.

Of course, we don’t want to think about it anymore, but a further decline (below 122 dollars) can be dangerous. Keep an eye on this price level – even despite the positive reaction. But as long as the price doesn’t pass this, there is little to worry about.

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